Question: For each of the following transactions tell whether or not

For each of the following transactions, tell whether or not the original transaction as shown is one that results in the recognition of revenue or expenses:
a. On April 15, Mike’s Pressure Cleaning Services, Inc., paid its employees $3,000 in salaries for services provided.
b. Mister Hsieh Fencing Company used $1,000 worth of radio advertising during April. Mister Hsieh received the bill but will not pay it until sometime in May.
c. During the year, Tootie’s Pet Training School, Inc., earned $125,000 in service revenues. Assume all services were provided on account.
d. Susan’s Investment Company collected $130,000 in interest and investment income earned during the year.

View Solution:

Sale on SolutionInn
  • CreatedSeptember 01, 2014
  • Files Included
Post your question